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#1
1. The average revenue per transaction in the population is Rs 614. Based on this attribute only, would you be confident that this sample is representative of the population?

Hint: Is the sample average different from the population average? If yes, how different based on statistical significance? Please note that sample size > 100



Type in the p-value of your hypothesis here, rounded to two decimals (0.xx)

Avg Revenue per transaction - Pop: 614
Avg Revenue per transaction - Sample: 590

Ho - Revenue per transaction for Population is same as Sample
Ha - Revenue per transaction for Population is not same as Sample

Which statistics test I need to use?
 
#3
Hi Lakshmanan,

Let me re-frame your hypothesis as,
Ho: There is no significance difference between the sample mean and the population mean
H1: There is a significance difference between the sample mean and the population mean

For this type,
You have to apply t-test to test the above hypothesis.
 
#4
Hi Lakshmanan,

Let me re-frame your hypothesis as,
Ho: There is no significance difference between the sample mean and the population mean
H1: There is a significance difference between the sample mean and the population mean

For this type,
You have to apply t-test to test the above hypothesis.

I have mentioned sample size > 100, so we can't use T test.
 
#6
I have mentioned sample size > 100, so we can't use T test.
Then you can use z test. The t test as compared with z test is its advantage for small sample comparison. As n increases, t approaches to z. The advantage of t test disappears, and t distribution simply becomes z distribution. In other words, with large n. t test is just close to z test. and one don't loose anything to continue to use t test. In the past, for convenience, we use z table when n > 30. We don't have to do it anymore. In fact, all statistical packages use t test even n is large. This is easy, convenience with computer programming, and is correct. All statistical packages are good references.
 
#10
I have mentioned sample size > 100, so we can't use T test.
Generally, If you use sample standard deviation you should the t-test and if you use the population standard deviation you should use the Z test.

When the sample size > 30 you still can use the t-test, but using z-test will give almost as good results.
A long time ago in a place far away people use tables, so when the sample size was bigger than 30 it was easier to use the smaller more detailed Z table ...

With a big sample size, t distribution value approaches to normal distribution value
http://www.statskingdom.com/t_test.html
 
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